Mynaric AG

For full-year 2023, Mynaric reported revenue of EUR5.4 million, up from EUR4.4 million in 2022. Operating loss was EUR79.2 million versus EUR73.8 million a year earlier, and the company said more than EUR14 million of one-time write-down and impairment charges were included in that loss. Cash in from customer contracts was EUR49.2 million, up from EUR18.3 million in 2022, and terminal backlog was 794 units at year-end 2023 versus 256 units at year-end 2022; backlog has since increased to 829 units. Cash at the end of December 2023 was just under EUR24 million, while cash as stated in the May 17 20-F filing was EUR2.5 million. For 2024, management expects revenue of EUR50 million-EUR70 million, operating loss of EUR40 million-EUR30 million, cash in from customer contracts of EUR65 million-EUR100 million, and year-end backlog of 800-1,000 units.

CEO Mustafa Veziroglu framed 2023 as a year of strong order momentum, record backlog, and progress toward production readiness. He emphasized that the company’s opportunities span both government and commercial constellations, with the business now moving from preproduction into a production ramp. His tone was confident about the technology, customer interest, and expanded Munich facility, but he also stressed that execution on production ramp and process improvement remains the key focus.

CFO Stefan Berndt-Von Bulow highlighted the two main forward indicators as cash in from customer contracts and terminal backlog. He cited 2023 cash-in of EUR49.2 million, backlog of 794 units, revenue of EUR5.4 million, and operating loss of EUR79.2 million, noting that excluding more than EUR14 million of one-time charges, operating loss would have been down less than 1% year over year. On liquidity, he said the company expects to remain in cash consumption mode through year-end 2024, has entered into an additional deferred draw term facility totaling $20 million, had drawn $10 million as of May 17, and may need additional external financing if revenue or cash-in fall short of forecast.

Analysts focused on how 2024 revenue and losses will be split between the first and second halves, and management said most revenue should come in the back half of the year as shipments ramp. Greg Konrad also asked about gross margin, and Stefan said the 50% gross margin view is still correct while the immediate priority is speeding production ramp and reducing material costs over the mid- and long term. On capital and backlog, Mustafa said essentially 100% of expected 2024 shipment revenue is already covered by existing backlog, and that the year-end backlog target reflects expected net additions from new orders exceeding shipments.